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Main trends in economic and social development of the Republic of Belarus in January-March 2014 In January-March 2014 Belarusian economy grew 0.9 percent compared to January-March 2013. The highest growth rates in industry were registered in the output of wood products (105.3 percent), chemicals (105.3 percent), oil products (103,6 %). The share of innovative products in the total volume of production was 15 percent. Financial indicators demonstrate growth of revenues from sales of products and services at 9.2 percent, profitability of sales in industry grew at 7.4 percent and in agriculture at 5.7 percent. Situation in the social sphere remains stable; the unemployment rate at the end of March 2014 amounted 0.5 percent of the economically active population. A 6.6 percent growth of real incomes of population contributed to the growth of retail trade sales through all distribution channels by 13.1 percent. Despite a decrease of the exports of goods and services (96.6 percent), in January-March 2014 the balance of foreign trade of goods and services (according to the balance of payments methodology) was positive in the amount of $ 677.7 million. The balance ratio towards GDP amounted 4.4 percent (projected at 0.1 percent). During January-March 2014 foreign exchange reserves and gold of the Republic of Belarus (by the IMF methodology) amounted to the equivalent of $ 5.72 billion. Consolidated budget surplus amounted to 1.1 trillion rubles (0.7 percent of GDP). Owing to balanced macroeconomic, monetary and fiscal policies the exchange rate of the Belarusian Ruble at an average remained stable. In general during January-March 2014 compared to December 2013 the exchange rate of the Belarusian Ruble softened towards Russian Ruble, US Dollar and Euro within acceptable limits. Stability in the monetary sphere allowed to reduce the refinance rate down to 21.5 percent (active from May 19, 2014). Owing to the economic policies the consumer price index grew slightly (at 4.9 percent) in January-March 2014 compared to December, 2013.